COVID-19 poses various challenges to banks: Al Ghurair
ABU DHABI: The board of directors (BoD) of the UAE Banks Federation (UBF) discussed the current priorities of UBF including how to ensure the continuity of banking operations and the ways to support businesses across the UAE.
The board also outlined initiatives to be rolled out during the year aimed at increasing innovation in the industry during its first meeting held through videoconferencing to discuss the Federation’s current priorities in light of the worldwide outbreak of COVID-19.
AbdulAziz Al Ghurair, Chairman of UBF said the global outbreak of COVID-19 has presented the UAE’s banking industry with various challenges. He noted that as a critical industry, the banking sector has a unique responsibility to safeguard society and the economic environment.
“This will continue to be our utmost priority, and we will do whatever it takes to fulfil our mandate to support banks and local community as we navigate through this uncertainty together. However, it is important that we do not lose sight during these difficult times, and continue to promote growth and transformation across the industry for the benefit of the wider country,” he added.
Al Ghurair stressed that the UAE’s banking community is continuously working towards establishing a sustainable and diversified economy to secure a better future for the entire nation.
The UBF board also commended UAE government’s strong leadership, and underlined the importance of continued coordination between strategic partners to mitigate the impact of COVID-19. The BOD also reviewed UBF’s activities and achievements in 2019, which included the launch of the ‘Credit Guarantee Program’ for financing Small Medium Enterprises (SMEs) in coordination with Emirates Development Bank.